Neurogene Inc. (NASDAQ:NGNE) Receives $46.17 Average Target Price from Brokerages

Shares of Neurogene Inc. (NASDAQ:NGNE) have been given an average rating of “Moderate Buy” by the eight research firms that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $46.17.

NGNE has been the subject of a number of recent analyst reports. Baird R W downgraded shares of Neurogene from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 16th. HC Wainwright dropped their target price on shares of Neurogene from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, May 13th. William Blair reiterated an “outperform” rating on shares of Neurogene in a research note on Tuesday, March 25th. Robert W. Baird cut shares of Neurogene from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $38.00 to $24.00 in a research note on Friday, May 16th. Finally, Craig Hallum assumed coverage on shares of Neurogene in a research note on Tuesday, June 17th. They issued a “buy” rating and a $50.00 target price on the stock.

Insider Activity at Neurogene

In related news, insider Stuart Cobb sold 6,797 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $15.15, for a total transaction of $102,974.55. Following the sale, the insider directly owned 20,794 shares in the company, valued at approximately $315,029.10. This represents a 24.63% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 11.64% of the company’s stock.

Institutional Trading of Neurogene

A number of institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Neurogene by 17.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,983 shares of the company’s stock valued at $82,000 after buying an additional 1,059 shares in the last quarter. ADAR1 Capital Management LLC purchased a new stake in shares of Neurogene during the 1st quarter valued at approximately $327,000. Baker BROS. Advisors LP lifted its stake in shares of Neurogene by 120.4% during the 1st quarter. Baker BROS. Advisors LP now owns 1,486,200 shares of the company’s stock valued at $17,403,000 after buying an additional 811,750 shares in the last quarter. Corebridge Financial Inc. lifted its stake in shares of Neurogene by 13.8% during the 1st quarter. Corebridge Financial Inc. now owns 5,826 shares of the company’s stock valued at $68,000 after buying an additional 705 shares in the last quarter. Finally, Walleye Capital LLC lifted its stake in Neurogene by 25.7% in the 1st quarter. Walleye Capital LLC now owns 94,083 shares of the company’s stock worth $1,102,000 after purchasing an additional 19,247 shares in the last quarter. 52.37% of the stock is currently owned by hedge funds and other institutional investors.

Neurogene Trading Up 1.5%

Shares of NASDAQ NGNE opened at $20.05 on Thursday. Neurogene has a 1-year low of $6.88 and a 1-year high of $74.49. The firm has a market cap of $285.84 million, a PE ratio of -4.61 and a beta of 1.51. The company has a fifty day moving average price of $17.77 and a 200 day moving average price of $16.96.

Neurogene (NASDAQ:NGNE) last posted its earnings results on Friday, May 9th. The company reported ($1.08) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.03). Equities research analysts forecast that Neurogene will post -4.27 EPS for the current year.

About Neurogene

Neurogene Inc, a biotechnology company, develops genetic medicines for rare neurological diseases. The company's product candidates include NGN-401 which is packaged in an adeno-associated virus 9 that is in Phase 1/2 clinical trial for the treatment of Rett syndrome; and NGN-101, a conventional gene therapy candidate that is in Phase 1/2 clinical trial to treat CLN5 Batten disease.